The Contract Lifecycle Management challenge

Contract management is one of the most critical aspects of managing your business relationships, transactions and risks. Digital Contract Management & Lifecycle Management is transforming contract management operations and the industry.

Many businesses and organisations lack essential contract management capabilities, processes and tools. In doing so they are exposing themselves to unnecessary legal and commercial risks as well as missing opportunities such as lower operating costs and better trading terms.

Contract Management is a form of case management which is optimised for managing contract  processes, knowledge and data. Contract Management can be a major source of business risk & pain or competitive advantage for those that embrace best practice.

Poor contract management costs businesses an average of 9% of revenues each year.

International Association for Contract and Commercial Management (IACCM)

71% ...

of businesses are unable to locate all their contracts – The Journal of Contract Management

10 - 20%

Unacceptable supplier performance can result in 10-20% indirect costs – Mckinsey

Less than 50% ...

of negotiated savings are typically realised over the life of a contact – The Faculty

30%

Administrative costs associated with contracts can be reduced by 30% through digital Contract lifecycle management – Aberdeen Research

Contract Lifecycle Management Process

Contract Lifecycle Management is the process and toolset used to bring structure, governance and efficiency to the management of all aspects of contract and their lifecycle. Its relevant to organisations of all sizes – with or without a dedicated legal team. Contract Management Lifecycle includes the following stages:

Contract Authoring

Contract Negotiation

raise invoice

Contract Approvals

Contract Execution

Contract Amendments, Revisions

Contract Renewals

Contract Auditing

Common Contract Management Challenges

Contract Lifecycle Management can be a challenge for businesses of all sizes and even for those with dedicated Contract Management teams. Here are some key signs you have a contract management problem.

Benefits of Digital Contract Lifecycle Management

Using a governed and digital Contract Lifecycle Management approach has the following benefits:

  • Contracts support the business objectives & competitive advantage without undue risk.
  • Capture missed or new revenues – Reoccurring revenue streams and subscription services are the life blood of many businesses today. There need to be actively protected, renewed and expanded to include new services.
  • Less ungoverned risk – any risk is agreed and acceptable to the business.
  • Faster audits and risk reporting without the manual burdens.
  • Less administrative burdens on business operations from poor contract lifecycle management.
  • Greater compliance and governance controls generally.
  • At a glance visibility and control of contract performance and SLAs.
  • Improve internal collaboration & sharing across departments/ silos, i.e.. between legal and business.
  • Reduce operating costs associated with a contracts, risks and compliance.
  • Reduce errors and risk through managed and automated contract processes- i.e. customer renewals.
  • Unify data - managed and leverage contracts alongside structured core business data.

Methods for Transforming & digitising your Contract Lifecycle Management (CLM)

ProcessFlows specialise in Contract Lifecycle Management solutions to help organisations transform the management of their business contracts, relationships and transactions. We remove operational inefficiencies and risk associated with contracts as well as enable revenues and customer experiences in a compliant manner. We achieve this in a number of ways:

Digitise & Automate Contract Processes
Digitally manage & automate Contract Lifecyle Management tasks & workflows

Single Point of Control of Your Contracts
Efficient centralised management & control of your contracts, data and knowledge

Contract Tasks As A Service
 Innovate faster, achieve new performances & focus on your core by outsourcing contract tasks –  Renewals or even helpdesks.

And More….
From intelligent Data Capture, Digital signatures, Redaction software to Process Intelligence

To find out more about our approach to Contract Lifecycle Management, click here.

Why ProcessFlows for Contract Lifecyle Management?

We have a 33 year track record of success & expertise in digital process management and automation, Contract and case management, data capture as well as managed services.

Accredited end to end expertise include Business Process Analysts, Solutions Architects and Project Managers, through to Implementation Engineers, Software developers and Multi-tiered Support desks.

We are independent. We partner with the leading process, document & case management technology providers on the market– such as Hyland, Kofax, Opentext, ServiceNow and Microsoft.  We have also developed our Hybrid Automation as a Service platform

A robust approach to transformation based on partnership and supporting every step of the journey from creating a vision and plan through to project managed development, implementation, transition as well as continuous improvement and support.

For these reasons and more, ProcessFlows should be your trusted partner to support your process and business transformation.
Find out more by clicking here.

Our Contract & Case Management customers

Here are a some of our customers, from small enterprise to large organisations that partner with us to transform and digitise their Contract & case management processes:

To read all of our success stories, visit our Case Studies page.

Request a No Obligation Consultation

What’s your Contract Management challenge? – We offer Free of Charge consultations to help you take back control of your contracts.

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